Looking for commercial lender

[Chantel Evans]

I have a mixed use five unit unit building that I need to refinance. I am running to issues finding a lender because the building is worth less than 400,000. Are there any lenders out there that can help me, I would preferably do a cash out refi?

[Nick Belsky]

@Chantel Evans

You'll be better off going to a local credit union or bank. 70-80% on a Mixed-Use with STR and Commercial use is not likely in this market. Mixed-Use is very risky to most lenders right now. You'd be hard pressed to find 75-80% for purchase financing on a property like this. I've worked with a few local CU/Banks who will go down to $100k on such properties with far better terms that you will normally find in the private money resources.

Cheers!